Given that physical traders are in the business of moving goods around the globe, they rely extensively on standard contracts and pay close attention to the respective duties and obligations of the selling and buying parties. The so-called Incoterms are incorporated in contracts for the sale of goods worldwide and provide rules and guidance to importers, exporters, lawyers, transporters, insurers and students of international trade. As such, the Incoterm rules have become an essential part of the daily language of trade.
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